President Tinubu announces establishment of National Credit Guarantee Company by mid-2025
By Kunle Sanni
President Bola Ahmed Tinubu has announced plans to establish a National Credit Guarantee Company (NCGC) by the end of the second quarter of 2025.
The initiative is designed to enhance access to credit for individuals and key economic sectors, aiming to boost national productivity and economic growth.
In his New Year address on Wednesday, Tinubu described the NCGC as a critical move to expand financial inclusion and foster development.
“To achieve this, the federal government will establish the National Credit Guarantee Company to provide risk-sharing instruments for financial institutions and enterprises,” he said.
The NCGC will operate as a partnership involving major government institutions such as the Bank of Industry, Nigerian Consumer Credit Corporation, Nigerian Sovereign Investment Agency, and Ministry of Finance Incorporated, along with private sector players and multilateral organizations.
Tinubu emphasized that the initiative would boost confidence in the financial system, broaden credit access, and specifically target underserved groups like women and youth. It is expected to drive growth, support re-industrialization, and improve living standards nationwide.
The President expressed confidence in the NCGC’s potential to catalyze economic transformation, strengthen risk-sharing mechanisms, and empower Nigerians economically.
